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AUD/USD during Friday's trading day showed the expected high volatility of 98 points, breaking the previously formed cluster. From the point of view of technical analysis, we see that two-day accumulation 1,2040/1,2100, which attracted the attention of many traders, was punched, directing the quote towards periodic value 1,2150. Leap and rise in volatility was an expected phenomenon, just look at the table of the volatility and everything will fall into place.
As discussed in the previous review, the traders did not make unnecessary movements, do not speculate inside the clusters, this is not needed, as the waiting position breakdown seemed the most profitable and no matter where you fly off the market - up or down - can be earned. Examining a trading graph in General terms (day timeframe), we see that the rollback process with the return rates at the scope of recent accumulation (2-7 August). The long-awaited phase "Correction" - is in no hurry to make such drastic conclusions as the pressure on the pound high, though the phase of "Correction" is long overdue from the point of view of technical analysis.
the News of the past day had statistical data about retail sales in great Britain and the United States, where in both countries we see good data. So, in Britain, we have a 0.2 percent growth compared to June, which contributed to widespread sales. The pound reacted fairly positively to the statistics, but not only she played the role of the local growth of the national currency. Then we have similar data for the United States, where retail sales during the month grew by 0.7%, which did not remain without attention of market participants, as a fact, the dollar began to strengthen their positions.
Information and news background played a lesser role in the last day, so the leader of the opposition of the British labour party Jeremy Corbyn called on the Parliament to Express a vote of no confidence in the Cabinet of Boris Johnson and to support the creation of a new Cabinet, at the head of the Cabinet Corbin offered himself. It looks funny, but the idea of Corbin in the other. The leader of the opposition intended that such actions will help to disrupt the plans of the current government, which intends to withdraw from the EU without an agreement. However, he said that his mandate will be severely restricted, and the main challenge will be how to prevent a hard way to organize a nationwide election in which UK residents will be able to determine their own future. In turn, Boris Johnson has continued its advertising campaign, this time he held a traditional session of questions to the Prime Minister (PMQ), which is held weekly in the House of Commons, but "the great equalizer" has made a knight's move and held the first ever "people's" PMQ session, which was presented as a chance for Johnson to interact directly with the people. And so ended a new series Santa Barbara in Britain, waiting for the continuation.
Today's economic calendar we have statistics on the construction sector in the United States, with minor changes. Dynamics of construction permits for July shows growth with 1,232 M to 1,270 M, and the construction of new homes in the United States shows an increase from 1,253 M to 1,257 M.
the Upcoming trading week in the economic calendar does not possess statistics for the UK, it simply does not, Yes, probably, it is not necessary, if the main driver for the pound sterling is the background information. Without news we will not wait for the United States have something to discuss. Take, for example, the publication of the minutes of the meeting of the Federal open market Committee of the fed, the topic is relevant for everyone.
the Most interesting events have displayed below --->
Wednesday, 21 August
USA 17:30 GMT. - Sales in the secondary housing market (July): Pred. 5.35 M --- > Forecast Of 5.27 M
USA 21:00 GMT. - Publication of the FOMC protocols
Thursday, August 22,
EU 14:30 GMT. - Publication of the minutes of the meeting of the ECB's monetary policy
USA 15:30 GMT. - The number of initial/re-applications for unemployment benefits
Friday, August 23,
United States 17:00 GMT. - New home sales (July): Pred. 646K --- > Forecast 660K
by Analyzing the current trade chart, we see quotes to get back inside the recent accumulation 1,2150/1,2200, which already had a touch of the average value 1,2150. Traders, in turn, were again divided into two fractions: the first - they "zduny", take a wait and see position on the market, tracking accurate fixing rates with respect to the values of 1.2000/1,2200, as the breakdown of the first coordinate tells about the restoration of a downtrend and the breakout of the second value tells about the correction stage. The second consider themselves to be aggressive to market participants and trying to ride all that I see and not see. So, here the fixing of the price above, than 1,2100, already gave them the opportunity to ride to 1,2150 where well was partially fixed position with moving stop loss to zero. The subsequent course that they considered this fixation of prices higher than 1,2150, progress to 1,2200.
Analyzing different sector timeframe (TF), we see that the indicators in the short and intraday term took an upward direction due to the return of prices in the framework of the recent congestion. Medium-term perspective adheres to a downward position due to the General background of the market.
the Volatility for the week / Measurement of volatility: Month; Quarter; Year
the Measurement of volatility reflects the average daily oscillation, with the payment for Month / Quarter / Year.
(August 16 was built with the time of article publication)
the volatility of the current time is 58 points. Volatility is more likely due to the return of quotations into the framework of recent accumulations.
the Key levels
the resistance Area: 1,2150**; 1,2350**; 1,2430; 1,2500; 1,2620; 1,2770**; 1,2880 (1,2865-1,2880)*; 1,2920* 1,3000**; 1,3180*; 1,3300
support Area: 1,2000; 1,1700; 1,1475**
* Periodic level
** Band level
*** the Article is based on the principle of dealing with daily adjustment
the Material has been provided by InstaForex company - www.instaforex.com
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